Vendors must fight to set themselves apart in a competitive market landscape. There can be an overall mismatch between the sales compensation model that many software companies embrace and the way insurers buy software. For some vendors, sales employees work on a 12-month commission cycle. But it often takes 2-3 years for an insurer not only to become aware of the potential of a technology partner but also to have an acute need that necessitates engaging in a buying process.
As we mark the one-year anniversary of COVID-19, the work-from-home model is looking like it will be a big part of how we move forward. The old days of soldiering on through illness and dragging yourself into the office are no longer a sign of dedication but looked down upon as selfish and dangerous. The emotional and financial toll on individuals and families is still unknown. Time will tell if mental health issues and financial instability become the next pandemics we face in the years to come.
President Biden recently announced that all Americans will be eligible for COVID-19 vaccines by May 1. As we are getting “closer to normal,” returning to the use of office space remains a hot topic. Most of the insurers we have spoken with suggested that they will wait until Labor Day to decide on their future office work life. The next few months will be critical as insurers gather employees’ needs, analyze the feedback, and plan for the post-pandemic work environment.
Last week, Novarica hosted our Group and Voluntary Benefits Special Interest Group with a panel of insurance leaders. The discussion centered on return-to-office plans, talent recruiting/retention, and innovation in a virtual world.
